On July 29, the rapper filed for Chapter 11 bankruptcy in Manhattan. According to the Wall Street Journal, the 42-year old, born Earl Simmons, owes $1 to $10 million in debt with only $50,000 in assets. This debt includes $1.24 million owed in child support and $21,000 on an auto lease.

News of DMX's bankruptcy comes just days after his arrest for suspicion of driving under the influence and driving without a license in South Carolina. Simmons was released after passing a breathalyzer test and posting $1,235 in bail.

Today, DMX's publicist released a statement regarding the bankruptcy, saying that the situation will ultimately benefit the rapper and allow him to regain a passport to perform overseas again. Below is the full statement:

"DMX's financial strains have been inhibiting his career for several years. Poor financial management by prior representation has caused him to be ineligible to retain a passport. The purpose of this bankruptcy filing is for reorganization so he can perform for his fans oversees. We are currently planning a tour in Europe and Africa for the fall of 2013."

DMX has been musically dormant over the last few years until his release of Undisputed (2012), which was paired with a handful of gigs and a spot on the Rock the Bells tour.